What is Boba Network? Things to know about the Boba coin

What is Boba Network?

Surely, most investors in the cryptocurrency market have heard of names like Optimistic, Arbitrum. These are Layer 2 scaling solutions of the Ethereum  blockchain, helping to solve problems such as expensive gas fees, frequent network congestion.

And Boba Network is also a Layer 2 scaling solution on Ethereum that solves the problems mentioned above. It reduces fees, improves transaction processing, and potentially expands the throughput of smart contracts.

Boba Network uses the technology of Optimistic Rollup, providing features such as swap-based trading, moving crypto assets back and forth between different chains (cross-chain) in a short time.

Optimistic Rollup is also a scaling solution for Ethereum. It makes it faster and cheaper to process transactions on Ethereum, but still retains the security of Ethereum.

To put it simply, Optimistic Rollup is a tweaked version of Ethereum that is highly compatible with EVM and the Solidity programming language. This allows projects on Ethereum to easily migrate smart contracts to Layer 2 without reprogramming the code. Therefore, Boba Network choosing Optimistic Rollup as its core technology is understandable.

Highlights of Boba Network

Boba Network will have the following highlights:

Transaction costs: Surely, investors are no stranger to expensive transaction fees on Ethereum, from about 10 USD – 50 USD per transaction. project was born to solve this problem, with the technology of Optimistic Rollup helping to reduce transaction costs significantly.

Fast Withdrawals: it is superior to other Layer 2s in that it allows users to move funds in and out of the network significantly faster, usually taking only a few minutes. It is capable of delivering 50 times to 1,000 times more throughput than Layer 1.

Secured by Ethereum: project possesses the inherent advantages of Optimistic Rollup. Not only does it make it faster and cheaper to process transactions on Ethereum, but it also preserves the security of Ethereum.

NFT-enabled bridge: Boba Network’s bridge allows users to conveniently move, mint and transact NFTs between Layer 2 and Layer 1.

Provides scalability for smart contracts: With EVM compatibility and scalability, Boba Network allows developers on Ethereum to build Dapps using existing algorithms without the need cost a lot.

Development roadmap

• March 2022 – April 2022: Hackathon
• May 2022: BOBA 3 Rinkedby OR/LING
• June 2022: BOBA 3 Mainnet
• August 2022 BOBA 4 Rinkedby ENGLISH
• October 2022: BOBA 4 Mainnet

Project development team, investors & partners

Project development team

Boba Network is developed by an experienced team, including a blockchain & artificial intelligence infrastructure company – Enya and OMG Foundation (formerly OMG Network and OmiseGo).

Enya is a team that develops decentralized scaling solutions and currently serves more than 10 million users with a network spread across 91 countries.

Investors

In April 2022, project announced it had raised $45 million in a Series A round, bringing the project’s valuation to $1.5 billion. Participating funds include: Crypto.com, Huobi, Hypersphere, Infinite Capital, GBV, Alliance DAO, BitMart, Shima Capital, Rarestone…

Partner

Project is currently cooperating with quite famous partners such as decentralized exchange DODO, information retrieval protocol Band Protocol…

BOBA token information

• Ticker: BOBA
• Blockchain: Ethereum
• Token Standard: ERC-20
• Token Type: Governance
• Total Supply: 500.000.000 BOBA
• Circulating Supply: 158.960.846 BOBA (21/05/2022)

Boba Token Allocation

• Treasury: 42%
• OMG Holders: 28%
• Current & Future Team Members: 20%
• Strategic Investors: 10%

BOBA token allocation schedule

Information on the BOBA token allocation schedule has not been announced in detail yet. Coinvn team will monitor and update as soon as information from the project is available.

Functions of the BOBA token

BOBA is a governance token that allows investors who own this token to vote in the Boba Network’s decentralized governance system. Specifically, the functions of BOBA are as follows:

Governance: BOBA is used to manage Boba Network’s DAO, BOBA holders will have the right to vote on changes to the network and propose initiatives to grow this network.

Network growth: project uses the BOBA token to fund, incentivize users with a goal and help the network grow more and more. As Coinvn mentioned in the BOBA token allocation, part of the supply of this token is allocated to the treasury, which will be used to support the network.

Staking reward: Investors can stake BOBA on Boba Network to earn a percentage of transaction fees on the network. Staking rewards will be distributed on-chain and regulated by the project community through the DAO.

How to Store and Own Boba

BOBA is an ERC-20 standard token, so users can use crypto wallets like MetaMask, Trust Wallet to store this token.

At the time of writing this article (May 18, 2022), BOBA tokens are being traded on exchanges such as FTX,  Huobi Global, Bybit,  KuCoin, Gate.io…

Social channels

• Website: https://boba.network
• Twitter: https://boba.eco/twitter
• Discord: https://boba.eco/discord

Summary

Boba Network is a Layer 2 solution developed to solve the dilemmas that users are facing on Ethereum. The highlight of project is its low transaction fees, allowing quick withdrawals from the network compared to other Layer 2 solutions, even allowing users to easily move NFT between Ethereum and Boba Network. . Through this article, Cryptochill hopes that readers have somewhat grasped the basic information about the Boba Network project to make their own investment decisions.